IIP-112: Update Investment Account Multisig

iip: 112
title: Update Investment Account Multisig
status: Proposed
author: @Finance.Nest
created: 21/11/2021

Simple Summary

This proposal seeks to modify the original signers on the Investment Account Gnosis Safe. The Investment Account is approved to be created. However, with the departure of @DarkForestCapital and @AcceleratedCapital there exists the need to revise the signers on the wallet.

Investment Account: ‘Not Yet Created’

Abstract

The Investment Account multisig was originally a 3 of 5 signer wallet as detailed in IIP-46: Security - Operations & Investment Account. With @DarkForestCapital moving to support MVI full time and with @AcceleratedCapital supporting Index Coop in a reduced capacity, we now need to update the multisig configuration. Details around the type of assets held within the Investment Account are discussed in the Investment Account Strategy Details forum post.

We recommend increasing the number of signers from 3 of 4 to 4 of 7, with the addition of @oneski22, @ncitron, @MrMadila, @Pepperoni_Joe and @Ahuja, whilst removing @DarkForestCapital and @AcceleratedCapital. While the diversified strategy within the Investment Account is expected to be rebalanced Quarterly and expected to hold assets over long time horizons, the investment account will acquire, hold and dispose of assets acquired for strategic reasons. This will require transactions to be made from the investment account on a regular basis with some transactions occurring over multi-day period to minimize impact on price. The Investment Account does not need to be as nimble like the Operations Account and thus has less signers and less consideration to time zone. We have opted for two developers as signers to provide robust technical support coverage.

Motivation

The Investment Account has been approved for creation, but as of today has not yet been created. On the back of this IIP, the Investment Account shall be created in line with this proposal. In the near future we expect to see the USDC from the Community Treasury Transferred to the Investment Account. This IIP is preparing this wallet in the event it needs to hold those assets which will be presented to the community via independent standalone IIPs.

We recommend increasing the signer count to improve availability, and maintaining a diverse group of signers so the Finance Nest members cannot unilaterally execute transactions implementing an improved control environment which mitigates the risk of collusion.

Specification

Modify the IIP-46 approved Gnosis Safe signers (not yet created):

The new signer structure will be:

Location Roles Operations Account
United States America EWG @dylan
United States America EWG @ncitron
United Kingdom POC Lead @Pepperoni_Joe
United Kingdom Finance Lead @Matthew_Graham
United Kingdom Growth Lead @MrMadila
United States America Investment Account @Ahuja
United States America Metagovernance @oneski22

The Investment Account will be a 4 of 7 signer wallet.

Voting

FOR:

DO Remove DarkForestCapital, remove @AcceleratedCapital add @Pepperoni_Joe, add @oneski22, add @ncitron, add @MrMadila and add @Ahuja.

AGAINST:

DO NOT change the existing arrangement.

Copyright

Copyright and related rights waived via CC0.

5 Likes

Hi @mel.eth, @sixtykeys, @Mringz,

Can we please add an IIP number, change the status to propose and schedule a vote for Monday 29th November.

Thank you in advance.

1 Like

Hey @Matthew_Graham , an IIP number 112 has been assigned to this proposal, and the status has been changed to ‘Proposed’.

Just noting that a snapshot vote can only be called after 48 hours of a proposal changing to the ‘Proposed’ state as per the guidelines outlined here. But will accept your call to vote in advance in an effort to make the governance process easier :slightly_smiling_face:. Will update this space with a queued snapshot link once the 48 hour waiting period has elapsed.

cc: @mel.eth

3 Likes

This IIP has been queued to go live later today at 1800UTC.
Snapshot here